Egypt is working to complete the final stages of securing the necessary approvals and procedures for $2.9 billion in funding to support the general state budget and enhance structural reforms in partnership with several development partners.

Rania Al-Mashat, Minister of Planning and Economic Development announced that during has during a press conference focused on updates regarding the country's Gross Domestic Product (GDP).

Al-Mashat shared that among the partners involved is the European Union. This collaboration is part of the Macro-Financial Assistance mechanism and will help address the budget deficit.

Additionally, the financing will support Egypt’s Development Policy Financing program, facilitated through the World Bank Group, the African Development Bank, Japan, the Asian Infrastructure Investment Bank, and the French Development Agency.

Recently in October, the Ministry of Planning and Economic Development added that Egypt’s GDP recorded a growth rate of 2.4% during the last quarter (Q4) of FY2023/2024, bringing the annual growth rate to 2.4% compared to a growth rate of 3.8% in FY 2022/2023.

The Purchasing Managers' Index (PMI) rose to 50.4 points in August 2024, increasing above neutral for the first time since November 2020, driven primarily by expansion in manufacturing activities.